Irish Life and Irish Permanent have enjoyed strong interest since the merger was announced in December and the value of the merged group has risen by more than £500 million (€634 million), with a notional market capitalisation this week of £3.3 billion.

While most of the attention on the financials has focused on the huge demand for AIB shares from index funds, and speculation AIB might become a takeover target from one of the European banking giants, the merged Irish Life & Permanent's exposure to the domestic economy makes it a tempting investment for any investor who has bought the Celtic Tiger argument.

David Went and his chums are now off on a roadshow around Europe selling Irish Life & Permanent's attractions to the continental institutional investors. London was the focus for the roadshow last week. Roadshows like this have a tendency to push a company's shares ahead, so don't be too surprised if Irish Life and Irish Permanent get a lift in the weeks ahead.